World Business Briefing | Europe: Norway: Oil Company Fined

Published: June 30, 2004

The oil and gas company Statoil was fined 20 million kroner ($2.9 million) after a police investigation concluded that a consulting deal linked to Iran amounted to bribery. Police said a $15 million deal between the state-controlled Statoil and a consultant in London was a payoff aimed at winning deals in the promising gulf market. Statoil's former head of international exploration and production, Richard Hubbard, above, was ordered to pay 200,000 crowns or spend 20 days in jail. Both the company and Mr. Hubbard, who has denied any wrongdoing, can reject the penalties and request a trial.